Industry

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This article is about industry in relation to economics. For other uses, see
Industry (disambiguation).

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GDP composition of sector and labour force by occupation in the form of any
component to economy. The green, red, and blue components of the colours of the
countries represent the percentages for the agriculture, industry, and services
sectors, respectively.
Industry is the production of goods or related services within an economy.[1] The
major source of revenue of a group or company is the indicator of its relevant
industry.[2] When a large group has multiple sources of revenue generation, it is
considered to be working in different industries. Manufacturing industry became a
key sector of production and labour in European and North American countries during
the Industrial Revolution, upsetting previous mercantile and feudal economies. This
came through many successive rapid advances in technology, such as the production
of steel and coal.

Following the Industrial Revolution, possibly a third of the world's economic

output are derived that is from manufacturing industries. Many developed countries
and many developing/semi-developed countries (People's Republic of China, India
etc.) depend significantly on manufacturing industry. Industries, the countries
they reside in, and the economies of those countries are interlinked in a complex
web of interdependence.

Contents [hide]
1 Classification
1.1 ISIC
2 Industrial development
3 Deindustrialisation
4 Society
5 Industrial labour
6 War
7 List of countries by industrial output
8 See also
9 References
10 Bibliography
11 External links
Classification[edit]
Main articles: Economic sector and Industry classification
Industries can be classified in a variety of ways. At the top level, industry is
often classified according to the three-sector theory into sectors: primary
(extractive), secondary (manufacturing), and tertiary (services). Some authors add
quaternary (knowledge) or even quinary (culture and research) sectors. Over time,
the fraction of a society's industry within each sector changes.

Below the economic sectors there are many other more detailed industry
classifications. These classification systems commonly divide industries according
to similar functions and markets and identify businesses producing related
products.

Industries can also be identified by product, such as: construction industry,

chemical industry, petroleum industry, automotive industry, electronic industry,
power engineering and power manufacturing (such as gas or wind turbines),
meatpacking industry, hospitality industry, food industry, fish industry, software
industry, paper industry, entertainment industry, semiconductor industry, cultural
industry, and poverty industry.

Market-based classification systems such as the Global Industry Classification

Standard and the Industry Classification Benchmark are used in finance and market
research.

ISIC[edit]
Main article: International Standard Industrial Classification
The International Standard Industrial Classification (ISIC) of all economic
activities is the most complete and systematic industrial classification made by
the United Nations Statistics Division.[3]

ISIC is a standard classification of economic activities arranged so that entities

can be classified according to the activity they carry out. The categories of ISIC
at the most detailed level (classes) are delineated according to what is, in most
countries, the customary combination of activities described in statistical units,
considering the relative importance of the activities included in these classes.

While ISIC Rev.4 continues to use criteria such as input, output and use of the
products produced, more emphasis has been given to the character of the production
process in defining and delineating ISIC classes.Industry is very important.

Industrial development[edit]

Optimized logistics have enabled the rapid development of industry. Here is a

thermal oxidizer during the industrial shipping process.

A factory, a traditional symbol of the industrial development (a cement factory in

Kunda, Estonia)
The Industrial Revolution led to the development of factories for large-scale
production, with consequent changes in society.[4] Originally the factories were
steam-powered, but later transitioned to electricity once an electrical grid was
developed. The mechanized assembly line was introduced to assemble parts in a
repeatable fashion, with individual workers performing specific steps during the
process. This led to significant increases in efficiency, lowering the cost of the
end process. Later automation was increasingly used to replace human operators.
This process has accelerated with the development of the computer and the robot.

Deindustrialisation[edit]
Main article: Deindustrialisation

Colin Clark's sector model of an economy undergoing technological change. In later

stages, the Quaternary sector of the economy grows.
Historically certain manufacturing industries have gone into a decline due to
various economic factors, including the development of replacement technology or
the loss of competitive advantage. An example of the former is the decline in
carriage manufacturing when the automobile was mass-produced.

A recent trend has been the migration of prosperous, industrialized nations towards
a post-industrial society. This is manifested by an increase in the service sector
at the expense of manufacturing, and the development of an information-based
economy, the so-called informational revolution. In a post-industrial society,
manufacturers relocate to more profitable locations through a process of off-
shoring.
Measurements of manufacturing industries outputs and economic effect are not
historically stable. Traditionally, success has been measured in the number of jobs
created. The reduced number of employees in the manufacturing sector has been
assumed to result from a decline in the competitiveness of the sector, or the
introduction of the lean manufacturing process.

Related to this change is the upgrading of the quality of the product being
manufactured. While it is possible to produce a low-technology product with low-
skill labour, the ability to manufacture high-technology products well is dependent
on a highly skilled staff.

Society[edit]
Main article: Industrial society
An industrial society can be defined in many ways. Today, industry is an important
part of most societies and nations. A government must have some kind of industrial
policy, regulating industrial placement, industrial pollution, financing and
industrial labour.

Industrial labour[edit]

A female industrial worker amidst heavy steel semi-products (KINEX BEARINGS, Bytca,
Slovakia, c. 19952000)
Main article: Industrial labour
Further information: industrial sociology, industrial and organizational
psychology, industrial district, and industrial park
In an industrial society, industry employs a major part of the population. This
occurs typically in the manufacturing sector. A labour union is an organization of
workers who have banded together to achieve common goals in key areas such as
wages, hours, and other working conditions. The trade union, through its
leadership, bargains with the employer on behalf of union members (rank and file
members) and negotiates labour contracts with employers. This movement first rose
among industrial workers.

War[edit]
Main article: Industrial warfare

The assembly plant of the Bell Aircraft Corporation (Wheatfield, New York, United
States, 1944) producing P-39 Airacobra fighters
The Industrial Revolution changed warfare, with mass-produced weaponry and
supplies, machine-powered transportation, mobilization, the total war concept and
weapons of mass destruction. Early instances of industrial warfare were the Crimean
War and the American Civil War, but its full potential showed during the world
wars. See also military-industrial complex, arms industry, military industry and
modern warfare.

List of countries by industrial output[edit]

Main article: List of countries by GDP sector composition
Largest countries by industrial output according to IMF and CIA World Factbook,
2016
Economy
Countries by industrial output in 2016 (billions in USD)
(01) China
4,566
() European Union
4,184
(02) United States
3,602
(03) Japan
1,368
(04) Germany
1,050
(05) India
672
(06) South Korea
531
(07) United Kingdom
505
(08) France
478
(09) Italy
442
(10) Russia
424
(11) Canada
424
(12) Brazil
392
(13) Indonesia
376
(14) Australia
355
(15) Mexico
346
(16) Spain
312
(17) Saudi Arabia
276
(18) Turkey
232
(19) Taiwan
191
(20) Poland
180
The twenty largest countries by industrial output in 2016, according to the IMF and
CIA World Factbook.

20 Largest Countries by industrial output according to UNCTAD at 2005 constant

prices and exchange rates, 2015 [5] [6]
Economy
Top 20 countries by industrial output in 2015 (millions in 2005 constant USD and
exchange rates)
(01) United States
3,042,332
(02) China
2,837,667
(03) Japan
1,415,551
(04) Germany
889,336
(05) India
499,519
(06) United Kingdom
468,181
(07) South Korea
454,504
(08) France
415,400
(09) Canada
370,732
(10) Italy
369,751
(11) Mexico
365,959
(12) Russia
277,858
(13) Brazil
267,769
(14) Australia
261,385
(15) Saudi Arabia
256,969
(16) Spain
254,480
(17) Republic of China
204,109
(18) Indonesia
198,254
(19) Turkey
177,586
(20) Poland
141,921

See also[edit]
Industry information
North American Industry Classification System
North American Product Classification System
Outline of industry
Standard Industrial Classification
References[edit]
Jump up ^ Industry | Define Industry at Dictionary.com Archived 2014-02-04 at the
Wayback Machine.
Jump up ^ "'Definition of Industry' Investopedia". Archived from the original on
2017-07-24.
Jump up ^ "United Nations Statistics Division - Classifications Registry".
unstats.un.org.
Jump up ^ More, Charles (2000). "Understanding the Industrial Revolution". London:
Routledge. Archived from the original on 2011-08-14.
Jump up ^ http://unctadstat.unctad.org/wds/TableViewer/tableView.aspx?ReportId=95
Jump up ^ https://en.m.wikipedia.org/wiki/Real_gross_domestic_product
Bibliography[edit]
Krahn, Harvey J., and Graham S. Lowe. Work, Industry, and Canadian Society. Second
ed. Scarborough, Ont.: Nelson Canada, 1993. xii, 430 p. ISBN 0-17-603540-0
External links[edit]
Look up industry in Wiktionary, the free dictionary.
Media related to Industries at Wikimedia Commons
Quotations related to industry at Wikiquote
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